Turning ‘risky’ confidence into risk confidence

Sponsor`s statement

Many banks are working towards managing their operational risk to a confidence level of 99.9%. In other words to a level of confidence such that they expect, statistically, to suffer a catastrophic (ie, life threatening) ‘operational risk’ event once every 1,000 years. The capital implications of achieving this level of confidence are considerable. Let’s put things into practical perspective, historically, how many enterprises have survived for 1,000 years? The answer is none

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